Tag: Guides

What is KYC, how does it work and what is it for? Read all about identity verification on Young Platform

Ever heard of Know Your Customer or KYC? It is a set of procedures that allows Young Platform to get to know its users in depth and thus comply with legal obligations. KYC is nothing more than an identification and due diligence process used by banks, financial intermediaries or cryptocurrency exchanges to certify that users who register are natural persons and not. As a result of this process, it is also possible to detect abnormal behaviour and thus avoid potential illegal activities such as money laundering or terrorist financing. KYC is carried out by filling out a questionnaire directly in the app and entering some information such as residential address, social security number and identity document. 

KYC procedures must be carried out as a legal requirement (in Italian law, according to Legislative Decree 231/2007 as amended) and are mandatory in services related to digital finance, whether centralised or not. We are here to explain how KYC works on Young Platform, how it is done and why it is so important!

What is the purpose of KYC on Young Platform?

Identity Verification is essential to activate your Young Platform profile and start using all the services of the exchange, from buying and selling crypto to the Earning Wallet. With the Identity Verification procedure, Young Platform guarantees you as well as all other users a secure experience that complies with all Italian regulations. With Identity Verification, you protect yourself and your company from online fraud and money laundering attempts. KYC is the most effective tool cryptocurrency exchanges and financial institutions have to defend their users from financial crimes.

Identity verification on Young Platform: 5 steps in 5 minutes

Concretely, KYC on Young Platform simply consists of entering data. During the course of the procedure you will be asked to communicate and confirm:

• your address of residence;
• your home address;
• your date of birth and nationality;
• the origin of the funds you intend to use on Young Platform;
• the validity of your ID document.

You can read our policy in detail by clicking here.

Identity verification is carried out quickly with software from Onfido, a world leader in artificial intelligence-based identity verification management.

Identity Verification takes place on the Young Platform app (or on the web platform) under User > Account > Account Levels > Level 1.

Have an identity document (ID card, passport or driving licence) and the camera on your mobile phone handy. Now follow these 5 steps to complete the Verification in 5 minutes:

1. Enter your first and last name

Please enter your first and last name as they appear on your ID card. If you have a double barreled first name or surname, enter both of them. Your personal data must be complete! During verification, it is important that your first name and surname match the photo of the ID document you will be asked to submit.

2. Enter your document details

You can use your ID card, passport or driving licence as a document. Make sure that the document is valid and that it is not damaged or discoloured.

3. Select the purpose for which you intend to use Young Platform

4. Take a picture of your document

Upload one shot for the front and one for the back of your document. The picture must capture the entire document, so be careful not to crop out the edges! Shots should be in colour, sharp and in focus. For a flawless photo, choose a well-lit environment.

5. Take a selfie

It is now your turn to pose for the camera. Take a selfie of your face while keeping your hand still, and do not wear any accessories. Get rid of your glasses, hats or anything that can hide your face.

Can’t complete Identity Verification? Here are the most common errors

After following these 5 steps, your procedure will be finalised automatically in about 5 minutes. If it takes longer than expected, this is because the Onfido system is unable to match your selfie to your ID photo, or because some of the data is illegible. Don’t worry, manual checks will be carried out. They will take between two and five working days. You will soon be able to use your account.

If the procedure does not succeed even with manual verification, you will receive a warning e-mail stating one of the following reasons. Let’s see in detail which errors you may have come across:

1. User already registered with another account: in this case the name you entered in the procedure is already registered. On Young Platform each person can only register once.
2. Please use an alternative document: the document you have chosen is expired or invalid.
3. The picture of the document is not valid: the photo of your documents is of poor quality. Try again by following the small steps explained above!
4. The picture of the face is not valid: your face is not clearly visible from the selfie you took or cannot be associated with the ID photo you uploaded.

Additional info: who counts as a “politically exposed” person?

During the data collection process, you will be asked to indicate whether you are or have close ties with a politically exposed person (PEP). This category includes all persons who hold public office or who have ceased to hold it for less than a year. We are therefore talking not only about MPs, senators or members of political parties, but also about other categories for which you can find the full list by clicking on this link. You are also required to report if you are a family member of a politically exposed person, i.e. a parent, a spouse or if you have close ties.

Why is this information important? Again, it is the law that requires it! Specifying whether you are a PEP is an additional form of protection against exposure to financial crime or money laundering risks. If you declare that you are a PEP or a family member of a PEP, our team will contact you for details.

Now that you know what KYC on Young Platform is, how it works and what it is used for, you might ask yourself: is it safe to share my documents online?

The answer is: yes, if you do so consciously. Before sharing your data on any online platform or service, please investigate its reliability. A first indication of seriousness and security is the presence of legal documents showing the procedures adopted for KYC and those for processing personal data. You can find the legal documents relating to Young Platform here.

The data you share with Young Platform is handled in accordance with the Privacy and Data Protection Notice, please note that the purpose of the Identity Verification procedure, according to Regulations (EU) 2016/979 and (EU) 2018/1725 of the European Parliament and of the Council and relevant national legislation, is considered to be in the public interest. 

Verify your identity

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Here are the Young Platform Clubs: packages of exclusive benefits and opportunities. Got doubts? Here is the FAQ!

Along with its market listing, the YNG token is introducing another new feature at Young Platform: the Clubs. They can be accessed by blocking a certain amount of tokens, and membership entitles you to discounts and promotions. What are Clubs? How many YNG do I need to block? How can I join? These and other questions are answered in this article. Welcome to the Young Platform Clubs FAQ!

Find out about:

• What are the clubs?
• What are the main benefits?
• How does signing up for the Clubs work?

The benefits

What are the Clubs?

Clubs are the evolution of the proportional discount plans given by holding YNG.

They are packages of advantages that are accessible by blocking YNG. The more YNG you block, the greater the advantages and the higher the Club level you’ll get. Discover all levels on the Clubs page.

What are the main advantages of the Clubs?

The benefits reserved for Clubs are many and diverse, with constant updates and new ones in development. The higher level Clubs reserve more benefits in proportion to the number of YNG required for membership. Discover all the benefits in the dedicated app section or on the official Clubs page!

If I already have a discount on fees, what discount will I get by joining a Club?

If you already have an active fee discount and you join a Club, you will only benefit from the higher discount of the two.

If I have enough YNG to upgrade my Club level, but my membership is not yet expired, how do I do that? 

If you have enough YNG to advance to the next club, you can do so even if your 90 days of membership are not yet up. You only need to block the missing YNG to move up a level. For example, if you want to upgrade from Silver to Gold, you only need to have 5000 YNG to block in your membership, as you already have the other 5000.

To make this upgrade, click on the sign up button for the next club. From the moment you confirm it, your new Club membership will last at least 90 days. 

On the other hand, it is not possible to unlock YNG before the end of a membership to downgrade to a lower club.

Do the fee discounts given by the Clubs also apply to Young Platform Pro?

Yes

Sign-up process

When does club membership expire?

You can join a Club at any time. Membership lasts for a minimum of 90 days, after which you can cancel it if you do not want to remain in the Club automatically.

What’s the minimum amount required to access a Club? 

You need to block at least 1500 YNG to access the Bronze Club. These YNGs are not spent, but simply blocked until unsubscription.

What does ‘locking YNG’ mean?

It means that in order to sign up and remain a member, you have to ‘freeze’ a certain amount of YNG, i.e. keep it blocked without being able to sell or transfer it. This means that the moment you decide to unsubscribe, you can unlock YNG and use them as you wish. This is why you don’t actually spend money.

Can I use blocked YNG tokens to join a Club?

No, only free YNG tokens that are useable within the Step Wallet can be used for Club membership.

How do I sign-up to a Club?

In the top bar of the Young Platform app, you will see the ‘Clubs’ section. Click and choose the Club of your choice. Then to join, simply block the required number of YNG tokens. Membership lasts a minimum of 90 days.

Are Clubs also available on the Pro version?

No, the feature will only be available on the basic app.

How can I renew my membership?

After 90 days of mandatory membership, if you do not deactivate your membership manually, your membership will automatically be renewed.

Cancelling my membership

How can I cancel my Club membership?

You can only cancel your membership after 90 days. In the Club section of the Young Platform app, you will see the option to cancel your membership in a few simple steps.

What happens after I cancel my Club membership?

Your blocked YNG will automatically be transferred to your Spot wallet.

Join a Club!

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The YNG token Community Sale allows you to pre-purchase YNG while saving money and earning bonuses. Having doubts? Here’s the FAQ! 

Today, the 10th of May, the Community Sale of the YNG token has begun. The big news has been unveiled: YNG will be released into the marketplace at the end of the month. Young Platform has organised a pre-sale for all those who want to buy YNG before the market launch, and you are entitled to a number of benefits. Welcome to the Community Sale FAQ!

What is the Community Sale and how long does it last?

The Community Sale is a period of time during which our users are given the opportunity to purchase our proprietary YNG token at advantageous conditions (Cashback, 0% commission and fixed price): it will last from 10 to 24 May 2022.

How much does the YNG token cost?

During the community sale, one YNG is equivalent to 0.24€. 

Are there fees for buying YNG?

No. During the Community Sale, no fee is charged for the purchase of YNG.

Is the cashback an offer valid for all?

Yes, anyone can obtain the cashback reward, by buying at least 200€ worth of YNG. The offer is valid for new as well as old users.

What’s the minimum amount to obtain cashback for buying YNG? 

You need to make a purchase equivalent to at least 200€, or 834 YNG.

The general minimum purchase amount is only 10€ of YNG, however you will not receive cashback for a purchase worth under 200€

In what currency will I receive the cashback?

In YNG.

How long will the YNG I get from cashback be blocked?

90 days from the day you made the corresponding purchase. If you make more than one purchase, you will see the differentiated expiry date for each cashback received.

Is purchasing with Cashback also possible on Young Platform Pro?

No. You can only receive Cashback by purchasing on the web and mobile (app) version of Young Platform in its basic version.

What will happen after the Community Sale?

After the 24th of May, the buying and selling of the Young token (YNG) will be blocked – until the 30th of May*. After that YNG will be launched on the open market and potentially listed on other exchanges, then the price will start to change according to the law of supply and demand. At launch, the buying, selling and trading of the token will be simultaneously rehabilitated. 

What happens on the 31st of May*?

The Young token (YNG) will become like any other token on the market, i.e. volatile. Starting from the price of €0.24, depending on the supply and demand of users, i.e. how much is bought, purchased or held, the price could rise or fall.

When can I sell YNG?

From the 31st of May* onwards.

What are the technical characteristics of the YNG token?

Young (YNG) is a token, and more specifically an ERC-20 token, i.e. based on Ethereum’s standard protocol token. This means that it is compatible with Ethereum’s entire ecosystem of wallets, blockchains and Dapps.

The role of YNG within the Young Platform ecosystem is that of a utility token, i.e. a token that, in addition to having a price, only has added value within the product system for which it was created, offering a series of specific advantages and use cases. 

Is whitepaper for YNG available?

The whitepaper will be available the day of market launch, on the 31st of May*.

If I already have blocked tokens from the 2019 crowdfunding, how do I distinguish them from blocked tokens for the community Sale?

If you are a 2019 crowdfunding investor on Seedrs, within the “Locked YNGs” section you will see an amount labelled “Crowdfunding” and other amounts labelled “Community Sale” with different expiry dates.

Can I convert YNG to other cryptocurrencies?

No, it will only be possible after the market launch, if pair listings with other cryptocurrencies occur.

Get the most out of Young Platform

Buy YNG

*Dates are subject to change because of delays caused by third parties involved in the process.

What is staking? 

Staking is a feature that allows you to bind your cryptocurrencies for a period of your choice in order to receive a reward. This reward is calculated as a percentage of the amount you choose to stake. So the higher the amount, the higher the reward. 

How does staking work?

Go to the new Earning Wallet section:

1. Choose a currency

Choose one of the available cryptocurrencies

2. Enter the amount

Manually enter the amount or click on “Max” if you want to stake the entire balance of a cryptocurrency you have in your Spot Wallet.

3. Set the Duration

Select how often you wish to receive the reward: 30 days, 90 days, 180 days. 

Keep in mind that for the duration of the staking period you will not be able to use your cryptocurrencies, i.e. you will not be able to sell them or transfer them to other wallets. They will then be ‘locked’ to the Earning Wallet until the end of the staking period. 

At the end of the staking period both the amount and the reward will be automatically credited to your Spot Wallet.

How do I get the reward? 

In order to receive the staking reward, you need to keep the stake active until the end of the period you chose. For the duration of the staking period, your cryptocurrencies will remain locked in the Earning Wallet, meaning you will not be able to sell or transfer them. 

What cryptocurrencies can I stake in the Earning Wallet? 

Currently, the cryptocurrencies available for staking are Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).

Can I activate staking more than once on a cryptocurrency?  

No, you can only activate a stake at a time with a currency. So you can activate up to a maximum of 3 stakes overall: one on Bitcoin, one on Ethereum and one on Tether. 

How long do I have to stake my cryptocurrencies and keep them locked? 

Currently, 30 days (1 month), 90 days (3 months), or 180 days (6 months). 

Does the reward vary depending on the duration of the staking?

Yes, the longer the duration, the higher the reward. 

Since the reward is also calculated based on the amount you enter, the higher the amount, the higher the reward.

In what currency will the reward be issued?

In the cryptocurrency you are staking, so not in euros.

How are the estimated rewards calculated?

Amount selected for staking * annual percentage

Example: I place 3.5 ETH in staking for 1 year with a 3% reward.

After 1 year I will receive 0.105 ETH, so in total I will have 3.605 ETH.

Can I redeem my rewards before the end of the chosen period?

No, you can’t. If you attempt to redeem the reward of a staked amount before the end of the selected period, you will automatically lose the reward achieved.

Does auto-renewal allow me to increase my rewards?

If you activate auto-renewal on a stake, then at the end of the first period, your accumulated rewards will also be staked. This increases the amount of staked tokens and consequently increases the final reward.

Example: I have staked 1.5 BTC for 1 year at 3%, and at the end of the year I have accumulated 0.045 BTC. 

With Auto-renewal you will automatically be staking 1.545 BTC. Still with 3%, I will receive at the end of the year 0.04635 BTC.

If the auto-renewal remains active, after the second year of staking, 1.545+0.04635 = 1.59135 BTCs will be staked.

What exactly is staked with auto-renewal?

The same amount you initially selected, plus the reward you have accumulated up to the end of the previous period.

Can I cancel a stake before it ends?

Yes, but you will lose the reward for that stake. It is particularly not recommended to cancel a stake with auto-renewal set, as you may lose all the rewards generated over the months. 

Can I set a Recurring Purchase on a stake?

No. It is not possible to set up recurring purchases on the Earning Wallet.

Are there any fees required to activate a stake?

No. Transactions on the Earning Wallet, blocking, unblocking and redeeming rewards for staked amounts is totally free of charge.

Are there minimum/maximum amounts for staking?

Yes, the minimum amounts are as follows

• Bitcoin: 0,00051 BTC 
• Ethereum:  0,01 ETH
• Tether:  20 USDT 

The maximum amounts are as follows

• Bitcoin:  1 BTC
• Ethereum:  15 ETH 
• Tether: 50000 USDT

Can I activate/disable the Auto-renewal at any time?

Yes, however, the option will not be available on a cryptocurrency stake already ended.

Can I activate the Auto-renewal on all my stakes at the same time?

The Auto-renewal must be activated individually on each single active stake.

Is Staking available on Young Platform Pro?

No. The Earning Wallet is only available in the web and app version of Young Platform, basic version.

How is it possible to stake a Proof-of-Work cryptocurrency like Bitcoin?

The functionality is called Earning Wallet precisely because it can include different types of rewards.
The term “staking” is used on our products and in communications to explain the mechanism straightforwardly.
“Staking” is a commercially popular term to refer to the process of locking cryptocurrencies in exchange for rewards.
In fact, the underlying technology of the current Earning Wallet service, thanks to provider Tesseract, allows this cryptocurrency-based functionality to be delivered by providing the same experience as staking, but not as a consequence of Proof-of-Stake.

Can I use the cryptocurrencies in my Moneybox for staking? 

No. The amount for staking can only be transferred from the Spot Wallet.. Therefore, if you want to use the cryptocurrencies stored in the Moneybox, you must first move them to the Spot Wallet and then stake them.

How long does it take to credit a Staking Reward?

The credit transfer from the Earning Wallet to the Spot Wallet can take between 1 and 5 working days. Any changes will be communicated in the ‘Staking Details’ section. 

How long does it take to credit back the amount when I cancel an active stake?

The credit transfer from the Earning Wallet to the Spot Wallet can take between 1 and 5 working days. Any changes will be communicated in the ‘Staking History’ section.

Discover the Earning Wallet

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Security is very important to Young Platform, which is why we create content and features to help you properly guard your cryptocurrencies.

We’ve put together this handy checklist to help you make sure you’ve completed all the necessary steps to secure your Young Platform account. If you don’t know how to do this, the guides will explain all the steps in a simple way.

Your Security Checklist

1.  A unique, complex and hard-to-guess password

Scegli una password non legata in nessun modo alle tue informazioni personali, come ad Choose a password that is not linked in any way to your personal information, such as your date of birth or your children’s names. Also, use a unique password that you don’t use for other accounts. Read the guide.

2.  2-factor authentication

2-factor authentication is one of the most robust security systems we have today for managing our accounts on the internet. If you haven’t set it up yet, go to the Guide.

3.  Set up a PIN or FaceID

Make your account even more secure by setting your Face ID or PIN to access the Young Platform app. If you don’t know how to set it up, follow the simple steps in this Guide.

Be wary of people calling you on the phone!

4. Never give your credentials to anyone!

No member of the Young Platform Team will ever call you on your mobile phone to ask for your login credentials or any security code and most importantly, will never ask you to perform a transaction during the call.

5. Don’t trust anyone who calls you on your mobile and asks you to send them your cryptocurrencies!

No member of the Young Platform Team will ever call you on your mobile phone and ask you to send money to an external wallet address.

6. 3rd level identity verification

Only in case you apply for Level 3 Verification or higher, a Young Platform Team member may call you to complete the process together with an interview. Again, under no circumstances will you be asked to move money or your cryptocurrencies.

7. If you have any doubts, ask the Team for support now!

If you have any suspicions or concerns, before you make any withdrawals from your account and send your cryptocurrencies to someone you don’t know, open a support ticket. Our team will help you immediately.

Dive deeper on the Academy

• Crypto Exchange: How To Secure Your Account
• Cryptocurrency wallet: how to create and manage it securely
• Block Explorer: How to Read a Bitcoin Transaction

Sign up to Young Platform

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In this article you will find all the answers to your questions about how to take part in the Young Platform promotion: “Buy 2.5 SANDs and we’ll give you 10 for free!”

1. How long does the promotion last?
From Wednesday, 8 December to 23:59 on 18 December.

2. Does everyone who buys 2.5 SANDs get 10 SANDs for free?
No. Only the first 10,000 people.

3. Who can participate?

Only European citizens can participate in the promo.
All persons of legal age who are not yet registered with Young Platform.

Can Young Platform members who have not yet completed their identity verification also participate?

Yes.

4. If I delete my account and try to register again, can I participate?
No. Your identification number will be checked to avoid double accounts.

5. Is there an age limit to participate?
Yes, only people of legal age can participate.

6. How do I participate?
Follow these simple steps:
Register on Young Platform by clicking on the green button below.
Complete the identity verification: all you need is an ID, a selfie and a well-lit place.
Purchase a minimum of 2.5 SANDs no later than 23:59 on 18 December.

7. I had my identity verified before the 8th but it hasn’t been approved yet, can I still participate?
No. Only people who begin identity verification from 8 December to 18 December are eligible to participate.

8. How long does it take to verify my identity?
On Young Platform the first level identity (KYC1) is verified in 10min. When this does not happen or the uploaded photos do not allow the system to automatically process them and a manual check is, therefore, necessary, 1 to 3 working days are required due to the high volume of requests.

9. Does depositing SAND count as a purchase?
No, it does not.
You must purchase SAND on Young Platform to participate in the promotion.
Deposits of The Sandbox (SAND) cryptocurrency will not be considered valid.To make a purchase of SAND you can choose any deposit method supported by Young Platform:

• Debit, credit or prepaid card
• Satispay
• Instant bank transfer
• Gift Card
• USDT deposit

10. How do I buy SAND?
To purchase SAND simply deposit Euros or USDT into your Young Platform account.
For those currently in Italy, credit cards, debit cards, prepaid cards, Satispay and instant money transfer guarantee instant credit.
While traditional transfer takes 3-5 working days.

11. How quickly are SANDs credited?
At the end of the promotion, on 19 December, checks will be made to see who the first 10,000 people entitled to 10 SANDs are.
They will be contacted via email individually to inform them of the date they will be credited with the SAND tokens from 21 December.

12. Is there a limit to the number of SANDs you give away?
Yes. There are 100,000 SANDs available, so the first 10,000 people who follow these 3 steps will receive 10 SANDs as a gift:
Sign up to Young Platform
Identity verification
Purchase a minimum of 2.5 SANDs

13. How do I know if I’m in the 10,000 group?
From 9 December we will publish the number of people who have completed all the steps to receive 10 SANDs.

You can follow us on the Telegram community channel

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Candlesticks charts are an advanced tool for technical analysis: they summarize cryptocurrencies’ price movements over a time interval

Now that we are getting deeper and deeper into the maze of cryptocurrency markets, let’s try to go one step further and understand how real traders who take advantage of technical analysis read charts.

What are Japanese candlesticks?

You have surely seen on some trading platform these strange charts composed of red and green vertical bars. These bars are known by the poetic name of “Japanese Candlestick”. The history behind this type of chart is as exotic as its name. The invention of candlesticks dates back to the 17th century, with the aim of predicting the price of rice.

Yes, technical analysis is nothing new.

If this article will arouse your curiosity to go deeper into this story, you will discover incredible details and nomenclatures, which make the ancient technical analysis a real Japanese art of the market.

Now let’s see how to read these charts: in this way, we will understand why they are so useful.

How to read candlestick charts

Candlesticks summarize price movements over a time interval, any time interval, which is usually selectable from the interface you are using. This time span can be just one minute or an entire day. Let’s take as an example a candlestick that symbolizes the price movement of Bitcoin over a single day. The whole chart will then represent the trend over a number of days.

Let’s suppose that during day 1, represented by a single candle, these price changes occurred:

Day 1 for BTC

• Open: €6330
• Maximum: €6620
• Minimum: €6272
• Close:  €6585

The corresponding line chart would look like this:

Let’s represent this day with a candlestick:

The body of the candle, the middle part in green, represents the difference in price between the beginning of the day and the end of the day.

The lower end, which marks the price at the beginning of the day, is called “open“, because it marks how the day opened.

The upper end, which marks the price at the close of the day, i.e. the last recorded, is called “close“.

The lines, similar to candle wicks, are called shadows. They represent the maximum and minimum price reached during the day. Shadows are essential for advanced technical analysis and should not be put aside.

Let’s now see an example of a negative daily trend for Bitcoin, by looking at a red candle.

Day 2 for BTC

• Open = €6585
• Minimum= €6272
• Maximum = €6620
• Close = €6330

The corresponding line chart would look like this:

Now, let’s draw the candlestick:

Being it a negative trend, the candle is red and the open will be higher than the close because the day will close in negative.

Why Japanese candlesticks are useful

Candlesticks are much more detailed representations of the price trend than a classic linear chart, so they are much more suitable for advanced technical analysis.

If we consider that the Japanese have been using them for 300 years, and have bothered to name every possible configuration of candles – as if they were tai chi positions – there must be a reason…

To get more and more familiar with technical analysis and chart reading, the best way is to start trying the new feature of Stepdrop: Up&Down.